US plans to announce new sanctions against Russia on Wednesday—along with G7 and other partners, DW reported.

The US government will ban "all new investments" in Russia, the White House announced.

Existing sanctions against Russian banks and state-owned firms will also be tightened, White House press secretary Jen Psaki said. Additional details are expected to be announced on Wednesday.

"These measures will degrade key instruments of Russian state power and pose acute and immediate economic harm on Russia, and hold accountable the Russian kleptocracy that funds and supports Putin's war," Psaki said.

According to the White House, the sanctions will be introduced in coordination with the US' European allies and the other G7 states.